JAMB UTME - Economics - 2000

The Nigerian economy is mono-cultural because government revenue is derived mainly from?

agriculture

manufacturing

coal

crude oil Azịza ziri ezi

Akọwa Nkọwa

The Nigerian economy is mono-cultural because government revenue is derived mainly from crude oil. Crude oil is Nigeria's most important export and a major source of government revenue. Nigeria is one of the world's largest oil producers and exporter of crude oil, with the oil sector accounting for over 90% of the country's total export revenue and about 60% of government revenue. The high dependence on oil revenue has made the Nigerian economy vulnerable to fluctuations in oil prices and global demand. In times of low oil prices, the government struggles to generate sufficient revenue to fund its budget, which can lead to budget deficits, inflation, and a decline in the value of the national currency. Furthermore, the heavy reliance on oil revenue has also hindered the development of other sectors such as agriculture, manufacturing, and services. These sectors have not received adequate attention and investment from the government, resulting in limited growth and low productivity. In summary, the Nigerian economy is mono-cultural because of its over-dependence on crude oil as a major source of government revenue, which has made the economy vulnerable to external shocks and hindered the development of other sectors.

Gụọ akwụkwọ nkuzi na Petroleum And The Nigerian Economy (JAMB)






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